Just because you’ve worked hard, that doesn’t always mean that you’ve got a lot of money saved for your retirement. A reverse mortgage can provide you with the financial security to have a care free retirement. They’re available to seniors 62 years of age and older who either own their home or owe very little on the mortgage.

By the time most people reach retirement age, they’ve paid mortgage payments to a bank for years, or decades. With a reverse mortgage, the bank actually pays you payments. You will be able to receive the amount of the equity that you have built up in your home.

The money from a reverse mortgage can be obtained in several ways. You can get the bank to set up a monthly payment that will automatically be mailed to you, or deposited into your bank account on a certain day each month. You can also choose to write checks on the equity only when you need it. And, you don’t have to pay any of the money back, until you sell your home.